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CAC threatens to delist 48,000 companies

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The Register General of the Corporate Affairs Commission (CAC), Bello Mahmud, has threatened to compile another list of about 48, 000 companies for striking off from the register pursuant to Section 525 of the Company and Allied Matters Act (CAMA). Bello stated this at the Nigerian Bar Association (NBA) Annual General Meeting(AGM), Thursday in Owerri,  Imo State, while presenting report of the CAC to the 2014 AGM of the NBA. The affected companies,  according to him are companies that defaulted in the filing of annual returns since inception despite repeated demands.

[eap_ad_1] He, however said that before inserting the names in the official gazette the commission will issue public notice in national dailies giving one last opportunity to the affected companies to update their records. He advised lawyers on the need to always remind their clients on the necessity of filing annual returns. He disclosed that the commission between 1st January, 2014 and 30th June, 2014 registered 36, 376 limited liability companies; 39, 376 business names and 4, 329 incorporated trustees under parts A, B and C respectively. He added that this brings the total number of limited liability companies registered to date to 1, 201, 068; that of business names to 2, 307, 191; and incorporated trustees to 70, 554.

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